{"id":10469,"date":"2023-11-17T17:33:35","date_gmt":"2023-11-17T17:33:35","guid":{"rendered":"https:\/\/fundinguno.com\/economy\/dow-jones-adds-to-back-to-back-weekly-gains-as-inflation-data-looms\/"},"modified":"2023-11-17T17:33:36","modified_gmt":"2023-11-17T17:33:36","slug":"dow-jones-adds-to-back-to-back-weekly-gains-as-inflation-data-looms","status":"publish","type":"post","link":"https:\/\/fundinguno.com\/?p=10469","title":{"rendered":"Dow Jones adds to back-to-back weekly gains as inflation data looms"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002720417\" role=\"document\">\n<p>U.S. stocks finished mixed on Monday ahead of the next major inflation update and a possible federal government shutdown later this week.<\/p>\n<h2>What happened<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       finished up by 54.77 points, or 0.2%, at 34,337.87, its highest closing level since Sept. 20, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       closed down by 3.69 points, or almost 0.1%, at 4,411.55.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       ended down by 30.36 points, or 0.2%, at 13,767.74.<\/p>\n<\/li>\n<\/ul>\n<p>On Friday, the Dow, S&amp;P 500 and Nasdaq Composite had all climbed to score back-to-back weekly gains.<\/p>\n<div class=\"paywall\">\n<h2>What drove markets<\/h2>\n<p>A cautious tone prevailed to start the new week as investors waited for the U.S. consumer-price-index report for October, due on Tuesday, which has the ability to underpin the recent bull run seen in U.S. stocks or to bring it to a halt. <\/p>\n<p>The Dow Jones had jumped 5.8% over the two weeks that ended last Friday, helped by benchmark borrowing costs<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       falling swiftly from 16-year highs on hopes inflation can ease further and that the Federal Reserve is done with interest-rate increases. <\/p>\n<p>Treasury yields finished little changed on Monday, with the rate on the 10-year note at 4.631%, as investors and traders shifted into wait-and-see mode.<\/p>\n<p><strong>Read: <\/strong>Stock-market rally faces make-or-break moment. How to play U.S. October inflation data.<\/p>\n<p>Economists expect core CPI growth \u2014 a measurement that strips out volatile items such as food and energy \u2014 to remain steady at 0.3% month over month, though Wall Street sees the likelihood of a higher-than-expected annual core rate of 4.2%. <\/p>\n<p><strong>See:<\/strong> This week\u2019s October inflation data looms large on Washington\u2019s economic radar<\/p>\n<p>The producer-price report for October will be published on Wednesday. October retail-sales data is also on the docket this week and will offer further clues to the health of the consumer on Wednesday.<\/p>\n<p>\u201cWe obviously have a big inflation data print tomorrow and think markets will generally get what they\u2019re looking for, which is a slow decline in headline inflation,\u201d said John Luke Tyner, a portfolio manager at Alabama-based Aptus Capital Advisors, which manages about $5 billion.\u00a0\u201cBut there\u2019s still a tug of war playing out, with markets getting ahead of the Fed and betting on inflation coming down faster than expected and on rate cuts occurring sooner rather than later.\u201d<\/p>\n<p>Meanwhile, worries over a dysfunctional government contributed to Moody\u2019s Investors Service cutting its outlook on the U.S. sovereign credit rating to negative from stable late Friday. <\/p>\n<p>While the decision by Moody\u2019s is \u201cimportant,\u201d the possibility of a partial shutdown of the federal government this week is what\u2019s leading to a \u201cmore jittery feel\u201d in markets, Tyner said via phone on Monday. <\/p>\n<p>Analysts see a 40% chance that a government shutdown\u00a0will occur. <\/p>\n<p><strong>Also see: <\/strong>House Republicans look to pass two-step package to avoid partial government shutdown<\/p>\n<p>\u201cWe don\u2019t see the decision by Moody\u2019s as having a large and immediate impact on the view the global investment markets hold for U.S. Treasurys,\u201d said Brent Schutte, chief investment officer at Milwaukee-based Northwestern Mutual Wealth Management. \u201cHowever, it\u2019s important to remember that the country\u2019s annual interest costs on servicing its debt are rising.\u201d<\/p>\n<p>With interest payments taking up more resources in the budget, \u201cit is likely borrowing costs will become an issue that restricts future government spending,\u201d Schutte wrote in weekly commentary distributed on Monday. \u201cThis could mean that we may see an erosion of the ultra favorable backdrop for risk-taking that has existed over much of the prior decade.\u201d<\/p>\n<p>Investors will also be keeping an eye out for reports from retailers, including <strong>Home Depot Inc.<\/strong><br \/>\n        HD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208081807\/composite\" class=\"positive\">+0.02%<\/bg-quote><br \/>\n       on Tuesday, <strong>Target Corp.<\/strong><br \/>\n        TGT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207799045\/composite\" class=\"positive\">+0.03%<\/bg-quote><br \/>\n       on Wednesday and <strong>Walmart Inc. <\/strong><br \/>\n        WMT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207374728\/composite\" class=\"positive\">+0.38%<\/bg-quote><br \/>\n       on Thursday, as third-quarter earnings season comes to an end. Their comments on the health of the consumer may also play into thinking about the Fed.<\/p>\n<p><strong>Earnings Watch:<\/strong> Retail earnings begin this week. \u2018It\u2019s getting worse,\u2019 an analyst says.<\/p>\n<p>Through last Friday, 92% of S&amp;P 500 companies had reported third-quarter results, according to FactSet. Of those that reported, 81% saw a positive surprise on earnings, while 61% reported a positive surprise on revenue. The year-over-year growth rate for the S&amp;P 500 in the third quarter was on track to come in at 4.1%, according to FactSet, which if realized would mark the first quarter of positive year-over-year growth since the third quarter of last year.<\/p>\n<p>The U.S. budget deficit narrowed in October, data showed on Monday.<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      Shares of Dow component <strong>Boeing Co.<\/strong><br \/>\n        BA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208579720\/composite\" class=\"positive\">+0.54%<\/bg-quote><br \/>\n       finished 4% higher after a flurry of news. Bloomberg reported Monday that the Chinese government is close to lifting a freeze on commercial sales of the U.S. company\u2019s 737 Max aircraft.\u00a0Elsewhere, long-haul carrier Emirates\u00a0announced at the Dubai Airshow\u00a0that it would buy $52 billion of\u00a0the Boeing planes, and SunExpress, a joint venture between Turkish Airlines\u00a0and\u00a0Lufthansa\u00a0<br \/>\n        LHA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/201210530\/delayed\" class=\"positive\">+1.96%<\/bg-quote><span>,<\/span><br \/>\n       said it would purchase 90 of the 737 Max jets.<\/p>\n<\/li>\n<li>\n      Shares of<strong> Nvidia Corp.<\/strong><br \/>\n        NVDA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200467500\/composite\" class=\"negative\">-0.43%<\/bg-quote><br \/>\n       closed up by 0.6% after the company introduced its new artificial-intelligence chip. <\/p>\n<\/li>\n<li>\n      <strong>Collective Audience Inc.<\/strong> shares<br \/>\n        CAUD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229251381\/composite\" class=\"negative\">-6.86%<\/bg-quote><br \/>\n       ended 19.2% lower, weighed down by its blank-check merger\u00a0with digital marketing business DLQ, which was a unit of Logiq. <\/p>\n<\/li>\n<\/ul>\n<p><em>Jamie Chisholm contributed.  <\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-dip-after-strong-run-as-inflation-data-looms-87ee021e?mod=economy-politics\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks finished mixed on Monday ahead of the next major inflation update and a possible federal government shutdown later this week. What happened The Dow Jones Industrial Average DJIA finished up by 54.77 points, or 0.2%, at 34,337.87, its highest closing level since Sept. 20, according to Dow Jones Market Data. The S&amp;P 500 SPX closed down by 3.69 points, or almost 0.1%, at 4,411.55. The Nasdaq Composite COMP ended down by 30.36 points, or 0.2%, at 13,767.74. On Friday, the Dow, S&amp;P 500 and Nasdaq Composite had all climbed to score back-to-back weekly gains. What drove markets A<\/p>\n","protected":false},"author":1,"featured_media":10470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-10469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow Jones adds to back-to-back weekly gains as inflation data looms | FundingUno<\/title>\n<meta name=\"description\" content=\"U.S. stocks finished mixed on Monday ahead of the next major inflation update and a possible federal government shutdown later this week.What happened The\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundinguno.com\/?p=10469\" \/>\n<meta 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